Research Update: Outlook On Australia?s State of New South Wales Revised To Negative; Ratings Affirmed At ?AAA/A-1+? Oct 12
Standard & Poors, October 2012
Abstract
NSW's ratings are supported by strong intergovernmental framework and positive management, excellent liquidity, exceptional access to global markets, and the state's diversified economy. However, in our opinion, the state's budgetary flexibility is under pressure due to an increasing need to undertake significant investment in infrastructure at the same time as revenue risks are tilted toward the downside. Operating performance may moderate from its forecast improvement. We are therefore affirming NSW's ratings at 'AAA/A-1+' whilst revising the outlook to negative, from stable. The negative outlook reflects our views on budgetary flexibility in combination with our views of the potential for moderation in operating performance. On Oct. 25, 2012, Standard & Poor's Ratings Services revised its outlook on the Australian State of...
Companies mentioned in this report are:
- New South Wales (State of)
- New South Wales Treasury Corp.
Action: Affirmed
Action: Outlook: Negative
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Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- New South Wales (State of)
- New South Wales Treasury Corp.
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